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Do Not Pay to Get PPI Claims

September 25, 2012 by Shawn

The bottom line? You don’t need to hire anyone to reclaim the funds you may have put into PPI (Payment Protection Insurance). While there are certainly reputable ppi claims firms, it’s an interesting twist that some companies are trying to mislead the same people that were mislead by unethical lenders already.

Reclaiming the money you spent on PPI, if you were originally inelegible, or mislead, is a good thing. If you’ve taken out a loan, applied for a credit card, or purchased a vehicle in the last decade, chances are that you’ve bought PPI, and may be entitled to a refund of what you paid for it.

While the process to do it yourself is reasonably straightforward, a good central source of information just isn’t easy to find.   That’s a shame, because it’s created an environment for fly-by-night operators to overcharge you for the service of filing a claim.

Here’s the process in 3 easy steps:

1) Determine if you are eligible to file a claim.   Checklists to help you determine this are easy to find.

2) Create a form letter, like the one below:

[DATE]

[YOUR NAME]

[YOUR ADDRESS]

[NAME AND ADDRESS OF THE FIRM YOU PURCHASED THE PPI FROM]
Complaints Department

To Whom It May Concern,

Re: Loan Number [YOUR LOAN NUMBER] and PPI POLICY# [YOUR PPI POLICY NUMBER]

I was approved for the loan referenced in the subject line above from your company in [MONTH] of [YEAR], along with a PPI policy, also referenced in the subject above.

I am confident that I was mis-sold this PPI policy for the reason(s) below, and ask that you investigate the matter.

[Include the list of valid reasons why the PPI was mis-sold. Some are listed below, but locate an official, and more comprehensive list, and be sure to include any that apply]

  • I was not informed that the insurance was optional
  • It was suggested that my application for credit would be denied if I did not take the PPI
  • Significant exclusions in the PPI were not explained to me before signing
  • [any other reasons that apply, and that are found in an official PPI checklist]

Should my complaint be found valid, I am requesting a refund of all premiums I have paid to date, as well as any interest charges. I am also asking for statutory compensation as I feel I have been deprived the use of the funds in question.

As I understand it, your company has 8 weeks in which to investigate the matter. Please respond to me within that time period.

Sincerely,

[SIGNATURE]

[YOUR NAME]

3) Await a response. You should hear back from them within the 8 week period.

Yes, it’s that simple.  You can, of course, hire a company to assist you, but make sure that any help they are providing is priced in line with the level of effort that’s required.

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